Nathan Tinkler has agreed to pay $12-million, to settle a $28.4-million debt with coal exploration company, Blackwood Corporation.
The deal also leaves the embattled mining magnate with no shares in Blackwood, which last month applied to freeze his assets.
The company has now suspended legal proceedings until June 30 to allow the money to be paid.
Mr Tinkler’s Mulsanne Resources was forced into liquidation last year, after it failed to pay for a one-third stake in Blackwood.
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